Social Security in need of repair

"And in the end, it's not the years in your life that count. It's the life in your years." Abraham Lincoln

Depending on the type of discussion you want to start you can either talk about saving Social Security or reforming Social Security. I have tried talking to my father and father-in-law about what is happening with this entitlement and always have to make a hasty retreat.

But before you can talk about either saving or reforming Social Securityyou need to understand the history of this government program. What you have is a program started by President Franklin D. Roosevelt in 1935 to provide retires, and the disabled. Sounds great, at a time when this country was caught up in a worldwide depression. With 25% of the work force out of work at its height there needed to be hope.

In 1935 you could collect your retirement payments from Social Security at age 65, but the life expectancy was approximately 62 years old. In 1950, I could not find the numbers for the 30’s, there were 16 workers supporting each person on Social Security. Today there are 3.3 people working to support each person collecting Social Security.

Call to Action

First, read up no the history of Social Security.

Second, determine what needs to be changed in Social Security to maintain the program in the future.

Third, look at your own retirement plans and conclude what effects there will be on your ability to retire if there is no Social Security.